Prudential (Cambodia) Life Assurance (Prudential Cambodia), an indirect subsidiary of UK-based Prudential, has forged a bancassurance partnership with Wing Bank to increase the accessibility of life insurance in Cambodia.
This alliance, supported by the Insurance Regulator of Cambodia and the National Bank of Cambodia, will leverage the strengths of both institutions, offering a range of financial services to the Cambodian people.
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It is expected to enable customers to purchase Prudential policies directly at Wing Bank branches, with Wing Bank employees facilitating the process.
As part of the collaboration, customers who buy Prudential insurance products through Wing Bank will receive a special interest rate on 12-month term deposits, a complimentary PRUMySafety personal road accident insurance package, and other exclusive offers.
These benefits, however, are available for a limited time, starting from 23 February 2024.
Bancassurance, a method of selling insurance products through a bank’s network, is becoming increasingly significant in Cambodia, contributing to 40% of the total insurance sales in the country in 2022.
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By GlobalDataThe Cambodian Government is counting on this model to expand the insurance industry’s reach, with targets to increase insurance coverage to 5.5% and raise the average insurance amount per person to $135 by 2030.
Prudential Cambodia interim CEO & CFO Mandar Hastekar said: “Our collaboration with Wing Bank marks a pivotal step towards financial inclusivity in Cambodia. The partnership strategically blends Wing Bank’s extensive branch network with Prudential Cambodia’s expertise in life insurance, aiming to prioritise the well-being and financial security of Cambodian families against unforeseen circumstances.”
Wing Bank CEO Han Peng Kwang said: “This partnership is a significant move towards enhancing our financial protection offerings for customers, which in turn contributes to the stability and security of families and enterprises in Cambodia.”
Prudential Cambodia has been operating the Cambodian life insurance market since 2013, and as of June 2023, it has served 425,000 customers and approved $20m in claims.
In June 2023, Prudential Hong Kong, another Prudential unit, expanded its operations by opening a branch in Macau.
